COVID-19 has severely hit companies, including Uber, Lyft, Ola and Grab have announced layoffs and measures to save.

Grab announced the reduction of hundreds of employees due to COVID-19.

Grab is the Singapore-based startup has business in 8 countries and a valuation of US$14 billion (approximately RM59.8 billion), making it the most valuable startup in Southeast Asia.

The company's major shareholders include Japan's SoftBank and so on.

Grab CEO Anthony Tan that the company has announced a layoff plan involving 360 employees, estimating for about 5% of the employees.

  
Photo Source: Sinchew Daily 

Anthony Tan emphasized that the company will cancel non-core projects, merge teams, and focus on execution efficiency although it is not facing capital problems.

Source: Sinchew Daily 

Cover Photo: Sinchew Daily | The Strait Times